Ann: Resignation of Managing Director / Appointme, page-5

re: Ann: Resignation of Managing Director / A... Thanks Noellyn, that is really helpful as always.

In terms of the weakness in the current share price, the only explanation I can come up with at the moment (apart from general market weakness, however we have not recovered at all) is that the market is pricing in that WD won't be extended. Does anyone have a view whether this is a real risk?

The comments around this from management have certainly been watered down a bit, i.e. rather than saying "we expect the mine life to be extended by at least 12 months", they are now saying "we are assessing whether we can extend the mine life". EXS have a history of under-promising and over-delivering, so these comments are not a concern of themselves, however I just worry the market knows something I don't....

I will reach out to GL shortly, but didn't want to annoy him whilst he is settling into the new role. Any thoughts much appreciated.